Megawide hikes capex of Carbon redevelopment project to P8B

DESTINATION. The new Carbon market is poised to become a new destination in Cebu. Cebu2World Development Inc., a subsidiary of Megawide Construction Corp., says the redevelopment of Cebu’s iconic marketplace is on schedule. / MEGAWIDE
DESTINATION. The new Carbon market is poised to become a new destination in Cebu. Cebu2World Development Inc., a subsidiary of Megawide Construction Corp., says the redevelopment of Cebu’s iconic marketplace is on schedule. / MEGAWIDE

MEGAWIDE Construction Corp., the company behind the Carbon Market Redevelopment in Cebu City, has adjusted the capital expenditure (capex) for Phase 1 of the Carbon modernization project from its previous commitment of P5.5 billion to P8 billion during the term of the joint venture agreement with the Cebu City government.

“This is because we are updating our original project plan to integrate more sustainable business opportunities considering the current business climate,” said Louie Ferrer, Megawide vice chairman and chairman of Cebu2World Development Inc., Megawide’s subsidiary, during a virtual press conference Tuesday, February 15, 2022.

“We are also aligning the project’s infrastructure program with Cebu City’s infrastructure masterplan, which will ensure that the district’s modernization will have an even wider and even more lasting benefit to the city,” he added.

The Carbon Market Redevelopment is a 50-year joint venture with the Cebu City government. It covers the modernization of the 100-year-old Carbon public market as well as the infrastructure development of the entire district. Under the contract, Cebu City will receive an annual guaranteed payment of P50 million with a 10 percent escalation every five years.

April launching

The modernization will be done in phases, of which Phase 1 will have three sub-phases of redevelopment to be accomplished in five years.

Ferrer said the sub-phase 1, which covers the interim market, bagsakan, senior citizen’s park and the site development, will be launched in April.

The Puso Village, which is Carbon’s lifestyle village (a concept similar to Bangkok’s Chatuchak Market), will be launched in the third or fourth quarter of this year. This 24/7 lifestyle market will house the best of Cebu both food and non-food. It is positioned not only as a destination in itself but also as an affordable place to do business.

According to Christina Angan, C2W director, one of the highlights of the Puso Village is the two Mezzanine floors that have the perfect view of the Cebu-Cordova bridge and the Mactan Channel.

Other notable progress of the redevelopment includes the bagsakan which opened in the fourth quarter of last year. This facility houses the ambulant vendors equipped with proper facilities including clean bathrooms and a police outpost.

Carbon’s interim building, on the other hand, is also substantially completed. This will be a temporary facility to house both regular and ambulant vendors while the main Carbon market will be redeveloped. The building will also house offices including a media lounge office on the third floor.

More than the aesthetics of the new Carbon market, officials of the C2W stressed that the company has heavily invested in fixing its infrastructure like the market’s drainage and sewerage systems, which were left unattended for so many years.

“It’s probably time to look into how to fix it in a more sustainable and permanent manner,” said Lydwena Eco, C2W head of operations, adding that fixing this infrastructure was more costly than the architectural finishes.

Ferrer is confident that the gradual but sustained progress of the new Carbon market will entice more Cebuanos to come back and revisit the market they grew up with which is now safer, cleaner and is now slowly becoming a destination.

“We experienced some challenges like the slow transfer of vendors because of some opposition, but we are on track with our redevelopment. We are still on schedule,” he said.

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